Cybersecurity Industry to More Than Double by 2020

January 4, 2016

12:30 pm

Cybersecurity is a field that is constantly evolving as new threats appear and criminals become more sophisticated. Every state has laws to help protect citizens from cyber attacks with California currently having the toughest laws in place. Likewise, pretty much every state has government agencies as well as private companies working their asses off to keep up with threats and security breaches.

Since the number of people and the amount of information online is only going to get bigger, it makes sense that the cybersecurity industry will keep expanding as well. Global spending on cybersecurity reached $75 billion in 2015. According to a report put out by Markets and Markets, that that number will grow to $170 billion by 2020.

A good bit of this growth can be attributed to the Internet of Things security market which is expected to grow from $6.89 billion in 2015 to nearly $29 billion by 2020. Additionally, as cars become smarter, there’s a new sub-industry opening up to help protect cars from being hacked.

This enormous growth also means lots of new jobs. In early 2015 there were more than 209,000 cybersecurity jobs left unfilled. This is mostly because the demand is growing faster than the supply. A lot of people out there simply do not have the required skills for these highly specialized jobs.

Cisco put together a report with some insights on the cybersecurity skills shortage. They recommend that every company have a security incident respond team. However, since it’s hard to find people who can affectively do the job, a lot of companies are using security partners and managed security service providers on a consultancy basis.

So, if you’re looking for a job in cybersecurity, make sure you have the right skillset and then get those applications out. A lot of these jobs will likely be in the DC area, since the region is home to the majority of the federal government agencies and government contractors. There has also been a recent push by Virginia governor Terry McAuliffe to make Virginia the cybersecurity capital of the world.

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Kristin is an aspiring entrepreneur who is enthusiastically navigating her way through the DC startup space. She has an unending passion for learning and is never satisfied with the status quo. During the day she is an ops, biz dev, and marketing maven for Fission Strategy

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